Why choose ERP for Finance & Accounts?
Finance is the backbone of every business. Over the years, technological developments have led to the increase in usage of ERP Software for Finance & Accounts. Mumbai, the financial capital of India and bustling city with many infrastructure projects is home to several contractors who use ERP solutions. ERP or Enterprise Resource Planning is used by infrastructure contractors, construction businesses, machinery suppliers and many others to plan, track and manage funds and resources for various projects.
Let’s find out why mid to large scale businesses are choosing ERP for Finance & Accounts for business efficiency.
- Handle Receivables and Invoices
In businesses, there is a constant inflow and outflow of funds. There are purchase bills and sales invoices that need to be managed. Any lapse on payments can directly or indirectly affect the business operations. For example, an unpaid purchase bill can lead to the vendor refusing to send raw materials to a work site on time.
In the case of sales-oriented businesses, timely clearance of sales bills is required to maintain a positive cash flow. An ERP software helps finance managers to get a clear financial overview of the business using their ERP dashboard. Cash and bank management functions can be performed on a single centralised platform. For construction projects, site expenses can be linked and handled using the ERP software.
- Manage Taxes
Accurate and timely update of taxes with financial components in a project is critical for avoiding penalties and tax issues. In huge projects, there are several financial components and traditional approach of handling accounts may lead to human errors. GST-ready ERP solutions in India include GST-compliant data into work orders, bills and other important documents. Automated processes using ERP for project-based businesses makes it easier for project managers to update tax information across multiple databases with a single entry.
- Manage Voucher Bookings and Approvals
Most businesses have the voucher system for employees to reimburse expenses they have incurred for business-related activities such as travel, food or other purchases. An ERP solution helps the team manager and the finance team to view the voucher bookings and approved ones as required. In this way, the voucher gets reimbursed on time. Also, a paperless voucher system is hassle-free and in a way, eco-friendly too.
- Salary Remittance
Intelligent ERP software help teams to log and manage payroll and attendance data along with support for other necessary HR functions such as allowances and employee welfare funds. Because of automated entries in the ERP software, the logged employee attendance data and standard accounting principles can be used to prepare salary statements. By linking bank accounts with ERP, the salary remittance can be smooth and easy for the personnel management team.
- Integrate Tally
ERP for contractors such as OMNI ERP comes with the integration of Tally for easy accounting. Tally is an industry-recognised accounting solution used by more than a million businesses across 100 countries. An integrated ERP will update the Tally accounts linked to a project and minimize errors while accounting.
Simplify your business processes for managing finance and accounts with a well-designed, customizable ERP solution. OMNI ERP is a widely used ERP solution to increase the operational efficiency of large-scale businesses. To know more about OMNI, visit _________ or call _____________